Secure 2.0 | Ed Slott and Company, LLC

Secure 2.0

RMD RULES FOR INHERITED IRAS AND 401(k) DISTRIBUTIONS: TODAY’S SLOTT REPORT MAILBAG

Thursday, September 21, 2023
Question: I have a new inherited IRA, and I believe that I am subject to BOTH the 10-year rule and to annual RMDs. Is this true?
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Rules for Inherited IRAs that May Surprise Nonspouse Beneficiaries

Wednesday, September 06, 2023
Many IRA assets will ultimately go to nonspouse beneficiaries. When these beneficiaries inherit the funds, special rules kick in. Inherited IRAs are not like your own personal IRA account. Here are seven rules for inherited IRAs that may surprise you if you are a nonspouse beneficiary:
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The Age 50 Exception and the Still-Working Exception: Today's Slott Report Mailbag

Thursday, August 24, 2023
QUESTION: Hello! I recently came across one of your articles and decided to reach out to you in hopes of getting some clarification re: the Secure Act 2.0 and distributions as a qualified public safety employee. In a nutshell, I am a 17-year career firefighter for a county government. With the new Secure Act 2.0, it seems as though I can take distributions after 25 years of service, OR age 50, whichever comes first, without penalty. If this is true, would I be eligible to begin taking distributions at age 47, without penalty?
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New Law May Lower RMDs When Annuity is Annuitized – But IRS Guidance Needed

Wednesday, August 16, 2023
If you are subject to required minimum distributions (RMDs) and have annuitized part of your IRA, a recent law change could drastically reduce your RMDs. But, without IRS guidance, it may be difficult to take advantage of that change.
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RMD Relief? No Thank You!

Monday, August 14, 2023
The IRS unleashed massive confusion last year. To the surprise of many, it released proposed SECURE Act regulations requiring beneficiaries (on some occasions) to take required minimum distributions (RMDs) during the 10-year payout period.
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ALAR – The “At Least as Rapidly” Rule

Monday, June 05, 2023
For deaths in 2020 or later, we know that a non-eligible designated beneficiary (NEDB) of an IRA is subject to the 10-year rule. Meaning, the account must be emptied by the end of the tenth year after the year of death. In its proposed SECURE Act regulations, the IRS takes the position that when death occurs on or after the required beginning date (RBD – generally April 1 of the year after a person turns 73), an NEDB must also take annual required minimum distributions (RMDs) in years 1 – 9 of the 10-year period.
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IRS Delays Effective Date of IRA Self-Correction Program

Wednesday, May 31, 2023
It looks like IRA owners will probably have to wait awhile to take advantage of a new program that allows them to self-correct IRA errors that previously couldn’t be fixed. In Notice 2023-43, the IRS said that self-correction for IRAs can’t be used until the IRS issues rules for the new program. And those rules aren’t required to be issued until the end of December 2024.
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Mandatory Roth Catch-up Contributions Required for 2024

Wednesday, May 10, 2023
One of the more controversial provisions of the new SECURE 2.0 law concerns 401(k) catch-up contributions. Most 401(k) plans – as well as 403(b) and governmental 457(b) plans – permit employees who are age 50 or older to make catch-up contributions. The limit for catch-ups in 2023 is $7,500, allowing for total elective deferrals of up to $30,000.
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The 3 IRA Beneficiary Categories – Again and Again and Again

Wednesday, May 03, 2023
This past week the Ed Slott team hosted another successful conference for our Elite IRA Advisor Group members. Well over 300 advisors from across the country descended on Washington D.C. for two days of intense IRA training. In addition to discussing all the newest SECURE 2.0 rules, we made sure to cover the foundational beneficiary principles created by the original SECURE Act, which went into effect in 2020. It is our steadfast belief – and our member advisors agree – the best way to learn new concepts is through repetition and reinforcement.
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5 Reasons Why You Should NOT Open a Roth IRA

Monday, April 24, 2023
In my April 12 Slott Report entry (“5 Reasons to Open a Roth IRA Immediately!”), I included a handful of points as to why it was imperative to open a Roth IRA, especially before the tax filing deadline. But a coin has two sides. Here are 5 reasons why you should NOT open a Roth IRA:
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